China is celebrating its 70th anniversary of opening its doors to the world and the USA gift program is giving the country a special gift of its own.
According to the Chicago Tribune, the Chinese gift program, which is administered by the US Department of Agriculture, will allow the United StatesA to create a gift of $3 of its purchasing power for every one dollar of the Chinese currency it purchases in China.
The program has been a key part of USA’s economic development and has helped spur the country’s rapid growth in the last decade.
In the program, the US government purchases up to $2 billion worth of Chinese goods and services annually.
The total amount of US A purchases in 2018 was $10.5 billion.
The United States has been the largest purchaser of Chinese exports, with the US$1.8 trillion worth of goods, according to the Commerce Department.